please help!

What is the name of your state? MI

I am recently married (4 months) and recently found that my husband has an addiction problem which has caused him to be dismissed from school. He has about 350 thousand in school loan debt and I'm scared how this will effect my credit. I am not on his loans and did not co-sign them. I'm wondering how should I protect myself about this matter? We cannot pay the loans and I'm afraid I will be responsible someday being his wife. Can they ever effect me?

I am recently married (4 months) and recently found that my husband has an addiction problem which has caused him to be dismissed from school. He has about 350 thousand in school loan debt and I'm scared how this will effect my credit. I am not on his loans and did not co-sign them. I'm wondering how should I protect myself about this matter? We cannot pay the loans and I'm afraid I will be responsible someday being his wife. Can they ever effect me?

any advice is appreciated!
thank you

How does he have 350 thousand in student loan debt? That is IMPOSSIBLE. Well never BUY anything with him and don't put him on the deed to your home or on your bank accounts or have a title with him or file taxes with him. Should I continue?

Parents should remember 3 things: Love your kids more than you hate your ex; when you have children the relationship with the other parent is until death; your children determine what type of nursing home you end up in.Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship.

Attorney-GAL in Ohio.

I've removed the knife from my back, polished it, and will one day return it -- long after you think I have forgotten.

He was in med school attended private school for both undergrad and med school.

So in order for it not to effect me, I cannot have anything joint with him? We have a few things under our names now...cell phones and a few department store cards. He was considering chapter 13 bankruptcy, would that effect me if we didn't have anything joint at that time?

He was in med school attended private school for both undergrad and med school.

So in order for it not to effect me, I cannot have anything joint with him? We have a few things under our names now...cell phones and a few department store cards. He was considering chapter 13 bankruptcy, would that effect me if we didn't have anything joint at that time?

You need to pay off those department store cards and cancel them ASAP....and never have another joint account with him, ever again.

He was in med school attended private school for both undergrad and med school.

So in order for it not to effect me, I cannot have anything joint with him? We have a few things under our names now...cell phones and a few department store cards. He was considering chapter 13 bankruptcy, would that effect me if we didn't have anything joint at that time?

Undergrad is capped at $40k for student loans. So where did he get 310k for med school? How long has he avoided it?
Yep. You cannot have ANYTHING joint with him. At all. You have cell phones and credit cards with him? Cancel them IMMEDIATELY. And then let him declare bankruptcy and anything you cosigned or on the account for will become yours when he files.

Parents should remember 3 things: Love your kids more than you hate your ex; when you have children the relationship with the other parent is until death; your children determine what type of nursing home you end up in.Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship.

Attorney-GAL in Ohio.

I've removed the knife from my back, polished it, and will one day return it -- long after you think I have forgotten.

Undergrad is capped at $40k for student loans. So where did he get 310k for med school? How long has he avoided it?
Yep. You cannot have ANYTHING joint with him. At all. You have cell phones and credit cards with him? Cancel them IMMEDIATELY. And then let him declare bankruptcy and anything you cosigned or on the account for will become yours when he files.

The cell phones may not be a problem if its in her name and its one of those family plans where you add an extra phone. Cell phone accounts aren't often "joint". However I agree, if its a joint cell phone account she needs to cancel it ASAP.

Are you sure that all student loans are capped at 40k? I know an awful lot of people (undergrad) who had higher student loans than that.

The cell phones may not be a problem if its in her name and its one of those family plans where you add an extra phone. Cell phone accounts aren't often "joint". However I agree, if its a joint cell phone account she needs to cancel it ASAP.

Are you sure that all student loans are capped at 40k? I know an awful lot of people (undergrad) who had higher student loans than that.

Were they federal student loans? here is the uptodate info -- now this has increased:
[url]http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp[/url]

If you're a dependent undergraduate student, each year you can borrow up to

$3,500 (as of the 2007-08 academic year) if you're a first-year student enrolled in a program of study that is at least a full academic year.
$4,500 (as of the 2007-08 academic year) if you've completed your first year of study and the remainder of your program is at least a full academic year.
$5,500 if you've completed two years of study and the remainder of your program is at least a full academic year.

If you're an independent undergraduate student or a dependent student whose parents have applied for but were unable to get a PLUS Loan (a parent loan), each year you can borrow up to

$7,500 (as of the 2007-08 academic year) if you're a first-year student enrolled in a program of study that is at least a full academic year. No more than $3,500 of this amount may be in subsidized loans.
$8,500 (as of the 2007-08 academic year) if you've completed your first year of study and the remainder of your program is at least a full academic year. No more than $4,500 of this amount may be in subsidized loans.
$10,500 (as of the 2007-08 academic year) if you've completed two years of study and the remainder of your program is at least a full academic year. No more than $5,500 of this amount may be in subsidized loans.

Last edited by Ohiogal; 06-18-2008 at 11:18 AM.

Parents should remember 3 things: Love your kids more than you hate your ex; when you have children the relationship with the other parent is until death; your children determine what type of nursing home you end up in.Nothing stated by me should be taken as giving you legal advice or forming an attorney/client relationship.

Attorney-GAL in Ohio.

I've removed the knife from my back, polished it, and will one day return it -- long after you think I have forgotten.

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